ROCKFORD, Ill.--(BUSINESS WIRE)--Dec. 5, 2003--Halsey Pharmaceuticals (OTC.BB-HDGC) today announced that it has secured interim funding from certain existing debentureholders which the company believes will be sufficient to fund operations through the remainder of December, 2003.
The Company is continuing to meet with its existing debentureholders and is seeking to identify unaffiliated third parties to obtain long-term financing. The Company estimates the need for approximately $13.5 million to complete the previously announced restructuring and to fund operations through 2004. In the absence of additional funding by the Company's debentureholders or an alternative third party investment, of which no assurance can be given, the Company would be required to further scale back or terminate operations, and/or seek protection under applicable bankruptcy laws.
Separately, the Company announced that it has filed a patent application with the US Patent and Trademark Office related to certain proprietary technology intended to deter abuse of orally administered opioid analgesic products. Subject to receipt of long-term funding, the Company intends to continue development of this technology utilizing both internal and external resources.
Halsey Pharmaceuticals, together with its subsidiaries, is an emerging pharmaceutical company specializing in proprietary active pharmaceutical ingredient and finished dosage form development.
The statements in this press release are forward looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward looking statements involve risk and uncertainties which may affect Halsey's business prospects, including economic, competitive, governmental, technological and other factors discussed in filings with the Securities and Exchange Commission.
This and past press releases for Halsey Pharmaceuticals are available at the Company's web site at www.halseydrug.com.
Peter A. Clemens, 815-399-2060